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Chinese Government pledges USD 100 million loan for Coconut Community Development Project in the Philippines
| Funder | Unspecified Chinese Government Institution |
|---|---|
| Recipient Organization | Philippine Coconut Authority |
| Country | Philippines |
| Start Date | Mar 03, 2004 |
| End Date | Nov 13, 2030 |
| Duration | 9,751 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 34733 |
Grant Description
Chinese Government pledges USD $100 million loan for Coconut Community Development Project In early March 2004, the China National Technical Import and Export Corp (CNTIC) and the Philippine Coconut Authority signed a MoU for a soft loan of USD $100 million, which would have the Chinese government to provide for a coconut community development project in Bicol, Luzon.
The project was to include the development of 400,000 hectares of coconut land in Albay, Camarines Norte, Camarines Sur, Masbate and Sorsogoon to facilitate the production of geotextile, coco peat and other high-value coconut products for commercial production and export to markets such as China.
As of 2015, however, 70% of Sorsogoon coconut farms only sell raw goods with no mentions of the aforementioned processes.
The loan accord allocated 40 million USD for farm inputs like fertilizers, 40 million USD for machineries and equipment for activated carbon and coco coir processing facilities, 15 million USD for developing hybrid seeds for coconut intercropping, and 5 million USD for technical services. Details of the loan and the current status of this project are unknown.
Sources & References
- $100-M Chinese loan to boost coco yield
- China loan to boost Philippine coconut industry
- 中菲签署椰产品合作开发备忘录
- China extends $100-M loan to develop RP coconut industry
- Sorsogon farmers process coconuts traditional way Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
All Grantees
Philippine Coconut Authority
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